Bulls In Sears Continuing Profit Taking As Lampert Cuts Stake, Cleveland Research Voices Concern On Traffic

Shares of Sears Holdings

are continuing lower once again Wednesday morning, down more than 8 percent to just over $51. The stock has plunged more than 20 percent since the November 25th high over $67. Traders in Sears this morning are responding to an amended 13D filing from Eddie Lampert's ESL Partners on Tuesday evening. Lampert, the current Chair and CEO of Sears, disclosed his fund reduced its stake in the retailer from over 50 percent to 48.4 percent. The reduced stake by Lampert and his fund was related to a need to meet redemptions. Certainly adding to downside in shares of Sears Wednesday, Cleveland Research's Daryl Boehringer issued a note warning of weakening traffic and market share loss within the retailer's apparel and appliances segments. Boehringer highlighted November US same-store sales which are trending in the mid to high single digit decline range. Boehringer maintains a Neutral rating on shares of Sears. The stock last traded at $51.21.